Key Takeaways

  • BlackRock, Inc. filed a Form 8.3 on the consortium of LondonMetric Property plc (LSE: LMP) and Schroder Real Estate Investment Trust (LSE: SREI).
  • BlackRock's total interest in LondonMetric stands at 251,417,856 shares, or 10.72%, including 10.11% owned and 0.60% in cash-settled derivatives.
  • In Schroder REIT, BlackRock disclosed a total interest of 25,095,966 shares, or 5.13% (5.02% owned plus 0.10% derivatives).
  • The filing confirms BlackRock is also disclosing in respect of Picton Property Income Limited (LSE: PCTN), the offeree.
  • Dealings on 16 June 2026 spanned cash equities, CFDs and a written call option across both consideration shares (RNS 7158I, disclosed 17 June 2026).

BlackRock's Heavyweight Position in the Bidders

A second, much larger disclosure in the Picton takeover saga comes from BlackRock, Inc. Filed via RNS on 17 June 2026 under reference 7158I, this Form 8.3 names the offeror as 'A consortium comprising LondonMetric Property plc and Schroder Real Estate Investment Trust Limited', with a dealing date of 16 June 2026 and confirmation in field 1(f) that BlackRock is also disclosing in respect of Picton Property Income Limited.

In LondonMetric Property plc 10p ordinary shares, BlackRock disclosed a total interest of 251,417,856 shares, equal to 10.72%. This breaks down into 237,134,624 shares owned and/or controlled (10.11%) and 14,283,232 shares of cash-settled derivatives (0.60%), against a reported short position of 13,329,915 shares (0.56%). A footnote clarifies that BlackRock does not have voting authority over 8,465,492 of those shares but retains investment discretion.

In Schroder Real Estate Investment Trust ordinary NPV shares, the total interest was 25,095,966 shares, or 5.13%, comprising 24,587,926 owned (5.02%) and 508,040 cash-settled derivatives (0.10%), with a note that BlackRock lacks voting authority over 1,472,753 shares while retaining investment discretion.

A Busy Dealing Day Across Multiple Instruments

BlackRock's dealings illustrate the breadth of a large manager's activity. In LondonMetric 10p ordinary shares it recorded a purchase of 58,599 and a sale of 49,896, both at GBP 1.8580. In Schroder REIT it bought 6,104 and sold 7,739, both at GBP 0.4655.

The CFD activity in LondonMetric was extensive: reducing a short by 64,606, increasing a long by 301,496, reducing a long by 49,375 and increasing a short by 138,346, all at GBP 1.8580, plus a written call option increasing a short by 515,100 at GBP 0.0322 and the expiry of a 515,100-share written call option. The form also reported 'transfer in of shares' of 206,668 LondonMetric shares and 43,554 Schroder REIT shares.

This layered mix of cash, CFDs and options is typical of an index and quantitative powerhouse managing exposure across many funds simultaneously.

Why BlackRock's Stake Matters to the Picton Deal

Picton Property Income (LSE: PCTN) has been in an offer period since its Formal Sale Process began on 13 January 2026. On 12 May 2026 the LondonMetric and Schroder REIT consortium announced an all-share firm offer of 0.190 new LondonMetric shares plus 0.881 new Schroder REIT shares per Picton share, valuing Picton at roughly £396 million.

Because the consideration is delivered in the bidders' own equity, BlackRock's sizeable interests, 10.72% of LondonMetric and 5.13% of Schroder REIT, mean it is a significant holder in both of the shares that determine the offer's value. As one of the largest disclosed holders on the offeror side, BlackRock's positioning is a meaningful input for Picton shareholders assessing the deal.

Why This RNS Matters

BlackRock's 10.72% interest in LondonMetric is among the largest single disclosed positions in either bidder, so its Form 8.3 is a key signal of institutional weight behind the consideration shares.

The disclosure underscores how, in an all-share offer, the financial strength and shareholder register of the bidders are inseparable from the value Picton holders would ultimately receive.

What Investors Should Watch Next

Share-price moves in LondonMetric and Schroder REIT, which set the live value of the all-share consideration for Picton.

Whether BlackRock builds, holds or trims its large interests in either consortium member in subsequent Form 8.3 filings.

Progress of the consortium's firm offer through Picton's shareholder approvals and the scheme or offer timetable.

Any rival interest emerging from Picton's Formal Sale Process that could reshape the contest.